After playing in the NBA for 19 years, Andre Iguodala announced his retirement last month. Although most people would want to take a break after actively playing for so many years, Iguodala is going against the norm. The NBA recently declared Andre Iguodala as the acting executive director of the NBA. But he had made moves off the court even before he announced his retirement.

Iguodala became a venture capitalist and led his VC fund, Mosaic, after his retirement. Iguodala now makes his first move as a $200 million VC and has invested $9.2 million in AllCity Network.

Major Investment by Andre Iguodala

AllCity recently held its initial stage of funding, and with the investment made by Iguodala of $9.2 million, the total funds raised by AllCity are 12.4 million dollars. AllCity is a nationwide sports network that curates regular videos and podcasts for its viewers. The company was hoping to double its size with this funding round, and with the investment made by Mosaic, it will now be able to reach its goal quickly.

According to Marketing Brew, the company is planning on providing free ad-supported streaming television (FAST) to all its viewers. FAST is a traditional approach to viewing without a paid subscription, funded exclusively by advertising.

Co-founder and CEO of AllCity, Brandon Spano said, “We want there to be a full-time, 24-hour city-specific TV channel for every sports fan.“

Iguodala has a podcast of his own called the Point Forward podcast. This is an area of interest for Iguodala. He now hopes for the network to reach a larger audience and hopefully challenge the existing hierarchy of sports networks.

Spano wants AllCity to one day be an alternative to sports radio shows and regional networks. The company’s current goals are to make its regional channels in Denver, Phoenix, and Chicago profitable. Spano also wants AllCity to eventually be sustainable without VC backing. He does not want to not have the same fate as businesses that cannot generate money without the backing of VCs.

Andre Iguodala’s path to becoming a venture capitalist

Andre Iguodala and Rudy Cline-Thomas founded the investment company in 2021. After raising 200 million dollars, they changed the name to Mosaic General Partnership. According to AfroTech, Iguodala and his business partner, Rudy Cline-Thomas, have been buying various tech stocks since 2010. He also had huge hopes of further advancing his business when he joined the Golden State Warriors.

Iguodala said, “When I initially went out to the Bay Area, it was my intent to have success on and off the court. I thought about how to get access.” With the access that he has, he has been able to invest in tech companies early. He was an early investor in Zoom and CloudFlare.

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Iguodala has also invested in companies like Vessel, a modular home building company, and Athletics First, a management firm, also through his VC. He and Mosaic hope to invest in software, fintech, health care, and sports companies.

Iguodala has said, “I’m not only focused on backing the best early-stage founders but also obsessed with changing the representation of minorities in the industries we’re investing in.” Iguodala knows that when he is investing in a company, he is actually investing in the founder and the CEO. He is investing in people with a vision that hopes to change something.

What do you think of the new investment made by Andre Iguodala? Let us know in the comments!

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